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01 Nov, 2024

Remitly stock spikes 19% after first profitable quarter; revenue up 39%

Shares of Remitly surged in after-hours trading as the Seattle-based digital remittance company reported its first profitable quarter.

  • Remitly beat analyst estimates with $336.5 million in revenue, up 39% year-over-year. Net income came in at $1.9 million, compared to a net loss of $35.7 million in the year-ago period.
  • The stock boost helped make up for a 20% drop in Remitly’s share price so far in 2024, before Wednesday’s earnings report.
  • Remitly’s mobile technology lets people send and receive money across borders. The company, founded in 2011, went public in 2021.

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